Which situation indicates an internal control risk in the General Ledger/Financial Reporting Systems (GL/FRS)?
a. the employee who maintains the cash journal computes depreciation expense
b. the cash receipts journal voucher is approved by the Treasurer
c. the cash receipts journal vouchers are prenumbered and stored in a locked safe
d. the employee who maintains the cash receipts journal records transactions in the accounts receivable subsidiary ledger
D
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The_________principle attempts to associate with the revenue of the period, all costs necessary to generate that revenue
Fill in the blank(s) with correct word
When two brands of the same basic product deliver their respective promised quality, they are delivering ________
A) performance quality B) conformance quality C) unique quality D) accuracy quality E) customer support
Manufacturing reports the following data for the month:
Journalize the entries relating to materials and labor. Omit explanations.
A $100,000 bond issue with a carrying value of $103,000 is called at 101 and retired. The entry to record the retirement of bonds would be:
a. Bonds Payable 101,000 Loss on Retirement of Bonds 2,000 Cash 103,000 b. Bonds Payable 100,000 Unamortized Bond Premium 3,000 Cash 101,000 Gain on Retirement of Bonds 2,000 c. Bonds Payable 100,000 Loss on Retirement of Bonds 3,000 Cash 103,000 d. Bonds Payable 103,000 Cash 103,000